In that sense all analysis
of stock
market based on historical metrics do nt make much sense since composition
of stocks is entirely different in different era and as more capital efficient business model evolve and their
time to
market cycle shrinks stocks likely to command higher valuations and suddenly lower valuations
during short period of time like already happening for many technology companies and as influence
of technology on overall cost structure
of companies increases (for example: robotics replace many
of employees cost etc) valuation matrix
of most companies likely to get affected dynamically in
short duration
of time than in the past.